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Bitcoin price (BTC/USD) drops below $7,000 following sharp decline on Monday

on Apr 10, 2018
Updated: Oct 11, 2019
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The Bitcoin price (BTC/USD) has dropped below the $7,000 mark after experiencing a steep decline in yesterday’s afternoon trading.

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Having closed above $7,000 for the first time in five days on Sunday, the original cryptocurrency rose to an intraday high of $7,178.11 in early Monday trading. However, the digital coin saw a sharp pullback in subsequent trading, falling to as low as $6,661.99 shortly after the start of the afternoon portion of the session. Bitcoin eventually closed the session at $6,770.73, down from its opening level of $7,044.32.

The cryptocurrency has been relatively flat since the start of today’s session. According to data from cryptocurrency tracker Coinmarketcap, the Bitcoin price is currently hovering around $6,730.

According to some analysts, the losses the crypto market has suffered over the past few weeks can be attributed to tax-related selling. Tom Lee, head of research at Fundstrat Global Advisors, wrote in a report published last week that US households likely owed $25 billion in capital gains taxes for their cryptocurrency holdings, which could result in massive selling of digital coins in the US ahead of the April 17 tax filing deadline.

“Additionally, we believe there is selling pressure by crypto exchanges who are subject to income tax in U.S. jurisdictions,” Lee said, a quoted by business news service CNBC.

The former chief equity strategist at J.P. Morgan Chase also said that “we expect bitcoin to find footing after April [17], tax day”.

In today’s trading, the Bitcoin price stood at $6,730.44, as of 09:51 BST. The digital currency has lost 5.8% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s market capitalisation currently stands at $114.2 billion, which represents 44.3% of the total value of all cryptocurrencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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